Learn about business analytics, its purpose, and scope.
- [Instructor] Before we get into the details, let us define business analytics. The term business analytics has been used loosely these days to define a wide range of data driven analytics activities and processes. I would like to put a frame around that term. I define business analytics as a continuous and iterative exploration of past business performance.
We know that businesses capture data about past events, activities, and transactions. This data is the basis of business analytics. Business analytics is used to gain insights into the past performance of a business, things that happened, that improved, and that declined and that has changed. One of the goals for this analytics is to predict the future of the business.
Look at past trends and predict how the future of the business will be. It helps decision makers to make data driven business decisions. Exploring data and finding patterns and reasons will help in understanding the behavior of customers and help in making adjustments to the business activities to improve business outcomes.
- What is business analytics?
- How business analytics compares to business intelligence and data science
- Business analytics process
- Predictive analytics tools and techniques
- Best practices for prescriptive analytics
- Scope and process of experimental analytics